ABSTRACT NO. 3
The view from the east
This article was taken from the October 14, 2008, issue of The Guardian, online written by Randeep Ramesh. http://www.guardian.co.uk/commentisfree/2008/oct/14/india-china-economic-crisis
The main subject of this article is while the US, Japan, and European Union are busy attempting to save a “meltdown”, India and China are keeping the rest of the world afloat. In China and India, different forces are competing to make political capital out of the financial crash. India has built its economy without the tools of an autocratic state. Financial forces and political forces have a great deal to do with the business in India.
Reference to Text:
This article relates to several areas of the text. The first is found in Chapter 9, page 258, in which it states developing countries often profess some degree of socialism. The government typically owns and controls may of the factors of production. Shortages of capital, technology, and skilled management and labor are characteristic of a developing country such as India. The second is found in Chapter 12, on page 324, Labor quality and Labor quantity. Labor quality refers to skills, education, and attitudes of available employees. Labor quantity is the number of available employees with the skills required to meet an employer’s business needs. With so many jobs being outsources to India and with it fast growing economy labor quantity comes into play. Many people in India are available to work but the labor quality might not be as high.
Abstract of Article:
The US, Japan, and European Union is trying to starve off a “meltdown”. Meanwhile the world is keeping afloat by India and China. India will be growing at 7% this year.
Economic developments have had political consequences. India’s government wants credit for having the world’s second fastest growing economy in the past few years but would...
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